Paytm Layoffs: Fintech Major Lays Off Undisclosed Numbers of Employees as Part of Restructuring After RBI Ban, Promises Smoother Transition and Outplacement
Paytm-parent company One97 Communication Limited (OCL) has finally begun laying off its workforce amid restructuring exercise in its latest round. The fintech company has reportedly offered the affected employees outplacement and also disbursed due bonuses.
Mumbai, June 10:슬롯 머신 사이트 추천Paytm layoffs were슬롯 머신 사이트 추천expected to be announced soon after previously reports슬롯 머신 사이트 추천mentioned that the fintech giant might cut 5,000 to 6,300 employees in the current financial year. Paytm already let go of about 3,500 employees in its layoffs round in March, reportedly bringing슬롯 머신 사이트 추천the workforce headcount to 36,521, according to the reports.
In February 2024, Paytm faced RBI ban which affected its PPBL services. The users were directed not to put additional funds in the Paytm Payments Bank. Paytm CEO Vijay Shekhar Sharma슬롯 머신 사이트 추천had to leave PPBL's board amid these issues. After posting a net loss of Rs 550 crore, the Paytm CEO슬롯 머신 사이트 추천announced that the슬롯 머신 사이트 추천fintech슬롯 머신 사이트 추천company would focus more on AI capabilities and significant cost efficiencies, including a "leaner organisational structure.슬롯 머신 사이트 추천Paytm Layoffs 2024: Parent Company One97 Communications Limited Cuts Undisclosed Numbers of People Amid Restructuring, Facilitates Outplacement.
According to recent reports, Paytm-parent One97 Communications confirmed laying off an unspecified number of employees in its latest round of job cuts. The슬롯 머신 사이트 추천company promised to provide a smoother transition for the employees.슬롯 머신 사이트 추천The reports mentioned that the Paytm layoffs affected nearly 3,500슬롯 머신 사이트 추천employees from the sales in the March quarter. One97 Communications reportedly슬롯 머신 사이트 추천stated it would provide outplacement support to those who resigned due to the restructuring exercise.
The reports슬롯 머신 사이트 추천highlighted that Paytm HR teams worked with nearly 30 companies슬롯 머신 사이트 추천hiring and assisting employees for immediate outplacement.슬롯 머신 사이트 추천Maintaining fairness and transparency, Paytm슬롯 머신 사이트 추천also decided to disburse due bonuses to the employees. It was previously reported that Paytm슬롯 머신 사이트 추천would slash 15-20% of its employees to meet its annual cost-saving plan of Rs 400 to 500 crore.슬롯 머신 사이트 추천Tech Layoffs: Indian IT Sector Hit by Silent Layoffs With Employee Asked To Choose Voluntary Resignation or Termination, Affects Over 20,000 People, Says Report.
According to the reports, the layoffs at Paytm have been implemented because the company faced the consequences after the슬롯 머신 사이트 추천PPBL RBI ban, which forced the슬롯 머신 사이트 추천company to stop accepting슬롯 머신 사이트 추천deposits and doing credit transactions. Further, it prohibited users슬롯 머신 사이트 추천from topping up their슬롯 머신 사이트 추천Paytm wallets,슬롯 머신 사이트 추천customer accounts, and FASTags from March 15, 2024. RBI banned the Paytm Payments Bank슬롯 머신 사이트 추천due to "non-compliance" and "supervisory concerns". Following this ban on PPBL,슬롯 머신 사이트 추천the company슬롯 머신 사이트 추천suffered슬롯 머신 사이트 추천a net슬롯 머신 사이트 추천loss of Rs 550슬롯 머신 사이트 추천crore,슬롯 머신 사이트 추천significantly higher than Rs 167.5 crore슬롯 머신 사이트 추천in the previous year.슬롯 머신 사이트 추천
(The above story first appeared on LatestLY on Jun 10, 2024 04:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).